Jakarta. French dairy group Bel S.A. has acquired a 22.5 percent stake in Indonesian cheese maker Mulia Boga Raya (IDX: KEJU).

Bel purchased 1.26 billion KEJU shares from controlling shareholder Garudafood Putra Putri Jaya (IDX: GOOD) for Rp 560 each, or a total of 708.75 billion rupiah ($44 million), according to a filing with the Indonesia Stock Exchange on Monday. The deal price was below KEJU’s closing price of Rp 615 on the same day.

The transaction follows a framework agreement signed on Aug. 6 between Bel and Garudafood, which will see the two companies jointly controlling KEJU. Under the agreement, Bel will gain certain management rights, enabling both shareholders to jointly set the company’s financial and operational policies.

“This collaboration will accelerate the development of the cheese business in Indonesia by leveraging Bel’s expertise in cheese and cheese-based snacks,” KEJU Corporate Secretary Jeffry Halim said.

Garudafood will remain KEJU’s controlling shareholder with a reduced stake of about 43.6 percent. KEJU said it has no prior affiliation with Bel and is not a direct party to the agreement between the two shareholders.

Bel, known for brands such as The Laughing Cow, Kiri, and Babybel, is looking to tap into Indonesia’s growing middle class and rising appetite for processed dairy products.

The deal comes as KEJU posted a strong first-half performance in 2025, with net sales climbing 12.2 percent year-on-year to Rp 681.36 billion, led by cheese block sales. Net profit jumped 37.5 percent to Rp 91.47 billion.

According to 2023 data from Indonesia’s National Research and Innovation Agency (BRIN), annual cheese consumption in the country is just 0.35 kilograms per capita, leaving a lot of room for growth from the rising middle class and young population.

Completion of the transaction is subject to conditions set out in the agreement between Bel and Garudafood.